I bought my first investment house about 20yrs ago for 2k down for 48K. I just sold it two yrs ago for 165K with just maintenance . Since then, I’ve bought and sold more than I can remember out of hand. But I want to tell you guys this. You have to love this business. It’s not easy. It’s not a quick buck when averaged out over many years. There’s ups and downs. Like we see today. Now you should be buying. Sell when it’s hot.
Take the long term approach to it. Be commited to it. It’s a great field.
Where else can you leverage to this extent? I still love to take over houses for little or no money. Don’t belive those that talk about outrageous deals. If it sounds too good to be true it is. Learn all you can. Read the books not the expensive courses. You’ll save alot of money and learn alot more.
Everyone neds a place to live. It’s like food. It’s a basic necessity of life. You can’t lose if you are prudent. I love real estate. I think it’s the best opportunity around. Most people are too busy trying to earn a living to do this. But you have to do something else on top of that for security.
I know too many young people that have lost good paying jobs, that won’t come back. RE is the answer. Just don’t get suckered. There are plenty of people that will give you advice on the net. Weigh the all the answers. It’s more than I had when I was starting out. And I’m willing to help anyone for free.
REI is the answer, I started in July of last year and have done 5 rehabs, one “subject to” I got 4 rentals and I’m owner financing one. All I really did was start reading on this forum asking questions and read some books. Never paid for any expensive courses. I just let my fear go and jumped right in. Like EquityHunter said, you have to be committed. Do not give up because things get hard just stay focused and you will prevail and accomplish what you want to accomplish. I have made more money in the past year than I could ever imagine, all from REI. I’m far from an experienced investor, I learn everyday and LOVE it too. Steping out in Faith and having no fear got me where I’m at today. I can’t wait to see what I can accomplish in 5 years if I’ve done what I have in the last 16 months.
So newbies let the fear go and get out there and make the money you want to make. If I can do it I know you can!!
Thats just what the doctor ordered, I’m a fairly recent college grad '05 who has decided signing a timecard is not for me. I’m working now just to pay the bills however my other half of my day is spent researching REI. I’ve created my LLC and have a website, albiet not very good, I’m about to launch a marketing plan and hit the ground running. As corny as it sounds I want to be a tycoon when it come to REI, at least in my small town,
Small world. I grew up in the northern part of the state (Fairmont/Clarksburg), but used to travel to Charleston on a regular basis. BTW, I have an investment interest in your neck of the woods, if you’re interested. Shoot me a PM.
I actually hate it, I decided I’m no web designer, I’m talking to some people who do it for a living trying to get something semi professional and easy to read…I’m using a website for visability and alternate way for people to contact me.
Godaddy.com seemed like the best choice for me, cheap easy to use nothing fancy, 500 email addresses that can be used… I hear complaints but it serves it’s purpose well for me
Looks like I came to the right place! I am definitely a newbie. I’ve just finished reading a book on Real Estate Investing, and I am fired up! I don’t even know all the real estate terminology yet…that’s how new I am. I talked to the realtor today who sold me my house a few years ago, and asked her if she would help me find properties. Was that a wrong move? I don’t know if she will expect a commission or not. She probably will. I can certainly drive around and try and find my own first deal, but won’t I still need to get a realtor involved? Also, I don’t have any money to put down. Is that going to pose a problem? Any help and advice you guys can give me will be most appreciated.
Yes, Rita a REALTOR will expect a commission if you buy or sell a house using them. That’s how they get paid.
No, it’s not wrong to ask an agent to find properties for you. One, you need to give them strong guidelines to know what to look for or you’ll be wasting alot of yours, and their, time and they will not do business with you for long if you’re wasting their time. Two, either way don’t expect much unless your agent either works with investors or is an investor themselves. The “standard” agent only knows the “standard” way of doing things, which rarely works for an investor.
If you’re able to find a deal on your own, do you need to get an agent involved? The answer to that question is a definite maybe, though it’s certainly not required. From your post, I believe that you definitely need to get SOMEONE else involved that has some experience with buying and selling RE in your state. That could be an agent, another investor, an attorney, etc., etc. At this point, it doesn’t sound like it would be wise for you to “go it alone.”
Thanks for the welcome TCMG. I’ve just finished reading “Rich Woman” by Kim Kiyosaki. It is a wonderful book. I’m starting on her husband’s (Robert Kiyosaki) book “Rich Dad Poor Dad”. I’ve learned a lot from reading the book, but jumping in and doing the real thing is really nerve racking. I am anxious to get started, however. I have soooo much to learn!
Thanks for your response Raj. I really appreciate the advice. Yes, I definitely think that I will need help getting started. My realtor said that she had helped a lady several years ago with investments, so maybe she has some experience. She did ask me to decide on what I wanted in way of price range, square footage, etc. I am thinking that I probably should start with something small, i.e., 2-3 bedrooms, 1 bath, garage. I would love to be able to buy a duplex or an apartment complex, but I think that would be too much for a first deal, don’t you?
That greatly depends on your primary investment strategy. Do you have a strategy yet?
As far as starting with “something small” do you know if “something small” is a viable option in your market. Will a small 2 bed/1 bath house sell in your market, quickly, for top dollar?
Generally speaking, for SFHs, a 3 bed is the minimum for a quick resale. It appeals to the most people, and it’s not that much more expensive than a 2 bed house of similar design. However, markets are different. If you happen to live in an expensive area, one with a high number of single/married no children people, or with a high number of retirees/vacation area, then a 2 bed may be MORE appealing. The point is that you have to know your market area.
RE is just like any other business. You need to know your business market. If you did not know how to make donuts, then you’d be a pretty candidate to run a donut making factory, don’t you think? Same with RE.
notice how detailed some of raj’s posts are. i did not read kim’s book, but i have read several from Robert Kiyosaki. the books i’ve read from him are general layouts. they’re excellent if you know nothing about finances,business and real estate.
dolf deroos’s book, Real Estate Riches, is also quite good. he offers up a little more detail, they’re good books to read before you go to bed or other indiscreet places
Thanks for the responses. You’re right about Raj’s posts TMCG, very detailed. I plan on going out tomorrow and getting Dolf Deroo’s book. Any others you can suggest would be great. I am new at this game, so I guess I need to start with the general foundation such as Kiyosaki’s books and slowly move up to more detailed reads. Do you agree?
Raj,
Umm, primary investment strategy…well, I HAVE decided on buying and holding as opposed to buying and selling quickly. I live in Mansfield, Texas (Dallas/Fort Worth area). I think that a 3 bedroom single family unit would be the minimum for this area. Like I said, I have a lot to learn and, from your post, getting acquainted with my market area needs to be at the top of my list. Would the best way to “learn my market area” be to drive around town, inquire of a realtor or what? I am willing to do what it takes to be successful in this business, I just need help from someone with experience to guide me in the right direction. I really appreciate all the advice and suggestions that I am getting from you guys.
: )